TIME: Make Reverse Mortgages One of Consumer Protection Bureau’s Top Priorities

July 8th, 2010 | by John Yedinak Published in News, Reverse Mortgage | 3 Comments

TIME Magazine feels that one of the top priorities of the Consumer Financial Protection Bureau should be to make reverse mortgages easier to understand.

Time: Make Reverse Mortgages One of Consumer Protection Bureau’s Top Priorities

While the bill which would create the bureau has yet to pass the Senate, TIME says, “America needs to clean up student loans, make reverse mortgages easier to understand and crack down on payday loans.”

According to the article, reverse mortgages should be a great financial innovation tool in theory. Stephen Gandel writes:

They allow seniors 62 and older the ability to basically sell their house but continue to live in it mortgage-free. The buyer is the bank, and it gives the homeowner the value of their house minus the cost of the loan in exchange for the right to sell the property when the person or persons die or move out

I thought we were done explaining that a borrowers do not sell their home to the bank when they take out a reverse mortgage, but apparently not.

We still have a long way to go in educating the general public about reverse mortgages.

Reverse Mortgages

Note: We’ve sent a respectful letter to the editor offering our help to explain how a reverse mortgage works. So did Shannon Hicks, read it here.

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reversemaniac

Kudos to Shannon Hicks for stepping up with a great rebuttal!

When is that NRMLA PR campaign going to start?
Johnsmaldone

The financial consumer protection bureau is not going to make anything easier, that is a laugh. The bureau will be devastating to the entire lending industry, especially the reverse mortgage industry.

You are going to have a committee of bureaucrats making decisions on what and what not a senior should know, have as a product and to tell a senior how they can use or spend the equity in their home.

The bureau will have controls beyond their comprehensions. They will regulate the entire lending industry to death, the same way they will do to the banking industry. This whole bill must be stopped. This will be the greatest amount of power transferred to the federal government that you nor I can ever remember. They will control our entire financial structure, this is danger spelled with a capital D !

By the way, we will never be through explaining to our senior borrowers things like the bank does not own thier home or will take thier home. Don't any one ever think that, if you do, you don't belong in the reverse mortgage business, plain and simple!!!!!!

John A. Smaldone
Johnsmaldone

The financial consumer protection bureau is not going to make anything easier, that is a laugh. The bureau will be devastating to the entire lending industry, especially the reverse mortgage industry.rnrnYou are going to have a committee of bureaucrats making decisions on what and what not a senior should know, have as a product and to tell a senior how they can use or spend the equity in their home.rnrnrnThe bureau will have controls beyond their comprehensions. They will regulate the entire lending industry to death, the same way they will do to the banking industry. This whole bill must be stopped. This will be the greatest amount of power transferred to the federal government that you nor I can ever remember. They will control our entire financial structure, this is danger spelled with a capital D !rnrnBy the way, we will never be through explaining to our senior borrowers things like the bank does not own thier home or will take thier home. Don’t any one ever think that, if you do, you don’t belong in the reverse mortgage business, plain and simple!!!!!!rnrnJohn A. Smaldone

TIME: Make Reverse Mortgages One of Consumer Protection Bureau’s Top Priorities

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